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Other Cryptocurrency

Discussion in 'General' started by MLyons, 6 Dec 2017.

  1. RedFlames

    RedFlames ...is not a Belgian football team

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    According to that, at best i'd manage a buck a day... hardly worth it...
     
  2. meandmymouth

    meandmymouth Modder

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    Can anyone point me in the direction of some good resources for mining?
     
  3. Gareth Halfacree

    Gareth Halfacree WIIGII! Staff Administrator Super Moderator Moderator

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    Free money is free money, dude. You might also save some cash on your heating bills as an added bonus.

    I'd do it, but I don't have a discrete GPU in any of my machines these days.
     
  4. RedFlames

    RedFlames ...is not a Belgian football team

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    Being perpetually skint as I am not sure i can afford the extra electricity. And my heating bill is currently 0 anyway as the central heating doesn't work.
     
  5. wolfticket

    wolfticket Downwind from the bloodhounds

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    Also this time of year you can ignore at least a portion of the electricity costs, as that power is effectively being used for heating.
     
  6. tristanperry

    tristanperry Minimodder

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    I have a RX480 4 GB (Sapphire OC) and Ryzen 1700 (OC to 3.7 Ghz) and mining Monero I make up to 0.01 XMR a day, aka $3.66 on current prices. Which exceeds the electric costs by a fair amount (in % terms) but doesn't set the World alight.

    (And I chose Monero mainly due to it being good for the CPU, and laziness in that I don't want to mine two separate currencies from the same PC - but may review this as setting my RX480 to work on Ethereum would be a bit better)
     
    Last edited: 29 Dec 2017
  7. meandmymouth

    meandmymouth Modder

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    CPU mining is a thing now? Man, I feel so out of touch.
     
  8. TheMadDutchDude

    TheMadDutchDude The Flying Dutchman

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    Oh yes. I only use 20w more mining on my CPU and it makes me an extra $2 a day. :)
     
  9. RedFlames

    RedFlames ...is not a Belgian football team

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    Gah, why is finding energy unit prices so fsking hard...

    EDIT: with that ballache located...

    According to the widget Gareth linked to I'd make -

    ...41 cents/day [Based on Monero], possibly less.

    Etherium i'd spend more in electric than I got from mining.

    So yeah, having crunched the number properly... s'not worth it.
     
    Last edited: 29 Dec 2017
  10. Gareth Halfacree

    Gareth Halfacree WIIGII! Staff Administrator Super Moderator Moderator

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    Well, having pulled out 25% of my holdings for profit... I'm back where I started. It's as though I never took anything out at all.

    Absolutely crazy.
     
  11. SkiDave

    SkiDave Minimodder

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    Cheers Gareth, I'll check it out. :thumb:
     
  12. TheMadDutchDude

    TheMadDutchDude The Flying Dutchman

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    $2.20 on XRP ... holy ****!
     
  13. Yaka

    Yaka Modder

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    might as well ask in this thread.

    i need to pay someone in bitcoin for some gear i am buying off him, have never really looked into it. what is the best and safest way to buy some?
     
  14. TheMadDutchDude

    TheMadDutchDude The Flying Dutchman

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    I would also have to ask... do you know this person or is it a random guy on the 'net?
     
  15. Guest-23315

    Guest-23315 Guest

    $2.73
     
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  16. Gareth Halfacree

    Gareth Halfacree WIIGII! Staff Administrator Super Moderator Moderator

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    Coinbase or Wirex if you're buying a small amount and want somewhere reasonably trustworthy - and if you buy on Coinbase using your credit or debit card you can transfer the Bitcoin to GDAX for free and send them to the seller from there in order to have Coinbase cover the transaction fee, which could save you a pretty penny. If you'd rather not wait to prove your ID, there's also LocalBitcoins, where you'll be buying from a random and have to cover the transaction fee to the seller yourself.

    Be aware that Bitcoin is entirely irreversible: once the transaction is confirmed on the blockchain there's absolutely nothing you can do to get that transaction reversed - so make sure you're dealing with someone you trust or have hands-on with the goods first.

    Re: Ripple: Blimey. It's been sinking since this morning, though - I'm predicting a reasonable pullback today, but not to the point where I'm confident enough to sell up and buy back in later.
     
  17. Yaka

    Yaka Modder

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    neighbor he is moving down under due to a new job and selling off a bunch of gear , im looking to buy his barbell/dumbell gear, punch bag and hope fully xcarve cnc and 3d printer maybe some other things his relatives wont want but only wants bitcoin not cash
     
  18. Gareth Halfacree

    Gareth Halfacree WIIGII! Staff Administrator Super Moderator Moderator

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    Word of advice for anyone using Revolut to cash out from Coinbase/GDAX/similar as a means of avoiding the fees associated with receiving Euros via SEPA in their main account: all Revolut accounts have a 'top-up limit,' but it's not actually a limit to how much you can top up the account by; it's a limit to how much you can receive into the account for any reason. If you hit it - it varies by account according to some arcane algorithm known only to Revolut - you'll be asked to "verify the source of your funds," with example proofs being three months of bank or savings account statements (not applicable), P45/P60 (not applicable), or the bill of sale for a property (not applicable).

    I'm nowhere near hitting the limit myself, but it's not impossible that I might hit it in the future if things go well - so I've opened a thread on the community forum asking how someone with crypto investments they're liquidating might go about proving that as a funding source in order to have the limit raised (or if the transfer was made prior to the limit being raised, the funds unfrozen.)

    I'll let you know what they say!
     
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  19. Fantus

    Fantus Nothing to see here...

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    Just looking at Revolut after you mentioned this, and I assume this requires a premium account with access to the cryptocurrency exchange?
     
  20. Gareth Halfacree

    Gareth Halfacree WIIGII! Staff Administrator Super Moderator Moderator

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    No. You can't actually *do* anything with cryptocurrencies on Revolut. Oh, sure, you can 'buy' BTC, ETH, and LTC - but it stays on Revolut. You can't transfer it. You can't send it to an external wallet. You can't add to it from an external wallet. It is to all intents and purposes useless as a currency - Revolut's treating them entirely as a speculative investment vehicle.

    What I'm talking about is going to an exchange like GDAX and selling the crypto you already have for cash - but cash on an exchange is as useless as crypto in Revolut, unless you're planning to immediately reinvest. You need to transfer that cash to an Actual Bank so you can spend it on Actual Things (once you've paid your taxes, of course). That's where Revolut comes in: if my main bank account gets frozen because humpty-tumpty pounds just hit it from a cryptocurrency exchange account in Estonia, that's awkward when it comes time to pay my mortgage or gas bill. If Revolut gets frozen, the only money in there is the money I just transferred from the exchange - annoying, but not a major inconvenience.

    It helps, of course, that GDAX/Coinbase transfer Euros via SEPA, which I can receive free of charge at Revolut (there would be a fee associated with it if they arrived at my main account) and can exchange to GBP at 0-0.5 percent above interbank rate (it's around 1.5% plus £1 with my actual bank).
     

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